SpaceX (bStocks Tokenized Stock) (SPCXB) is 518.4× the size of PepsiCo xStock (PEPX) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.05 across 110 shared trading days). SPCXB has been the more volatile of the two, at 71% annualised against PEPX's 43%.
$133.1200
PEPXSPCXB
-0.05over 110 shared trading days
Measured on daily returns rather than on prices. Two assets that both simply trend upward score near 1.0 on raw prices whether or not they move together, so returns are what answer the question people mean by correlation.
| Metric | PEPX | SPCXB |
|---|---|---|
| Max drawdown (400d) | -27.3% | -47.5% |
| Risk-adjusted return (90d) | -0.31 | 0.28 |
Relative strength over 90 days: SPCXB outperformed PEPX by 2.9% — measured on the PEPX/SPCXB ratio, so it holds regardless of market direction.